Alright guys for those of you that dont know what happened to my car here it is.....

Part 1: Late Friday night my girlfriend and I where driving North down a particularly gravely Street. It was raining and I made a right turn through a yellow light at decent speed. I started to slide during the turn and ended up hitting the only curb in site. The car went up on the sidewalk and oil and coolant went everywhere. Also, my front tire popped on impact. Anyway, I had to have the car towed to the dealer at 130 AM.

Part 2: After getting the dealer in touch with my insurance company, I learned that in addition to all the typical repairs for hitting a curb, the technicians say that I also need a new ENGINE! 26k just for the new engine! Good thing I have insurance and a low deductible.

Part 3: The insurance company and the dealer are conflicting about how much it is going to cost to repair the car, the dealer says about 50k and the insurance company believes it is more around 40k. Either way, the insurance company is considering just totaling the car. Normally I would be all for totaling it and getting a new car however, I put 11,500$ down and I am afraid that if they total it then I will loose my down payment. For example, I only owe 59k on the car, so if the insurance company gives me the market value for the car (lets say 65k (just guessing)) then that only leaves me with 6k for a deposit on the new car. What do you guys think? I tried to look up my car value on KBB but they dont have any numbers up for 2011 cars yet. What do you guys think?

BTW.... The car only had 7500 miles on it and sustained no body damage at all! This shit is crazy.

I feel for ya, I simply cannot believe it needs a new engine. Crazy!!!

Quote:

Originally Posted by E92_SID

Alright guys for those of you that dont know what happened to my car here it is.....

Part 1: Late Friday night my girlfriend and I where driving North down a particularly gravely Street. It was raining and I made a right turn through a yellow light at decent speed. I started to slide during the turn and ended up hitting the only curb in site. The car went up on the sidewalk and oil and coolant went everywhere. Also, my front tire popped on impact. Anyway, I had to have the car towed to the dealer at 130 AM.

Part 2: After getting the dealer in touch with my insurance company, I learned that in addition to all the typical repairs for hitting a curb, the technicians say that I also need a new ENGINE! 26k just for the new engine! Good thing I have insurance and a low deductible.

Part 3: The insurance company and the dealer are conflicting about how much it is going to cost to repair the car, the dealer says about 50k and the insurance company believes it is more around 40k. Either way, the insurance company is considering just totaling the car. Normally I would be all for totaling it and getting a new car however, I put 11,500$ down and I am afraid that if they total it then I will loose my down payment. For example, I only owe 59k on the car, so if the insurance company gives me the market value for the car (lets say 65k (just guessing)) then that only leaves me with 6k for a deposit on the new car. What do you guys think? I tried to look up my car value on KBB but they dont have any numbers up for 2011 cars yet. What do you guys think?

BTW.... The car only had 7500 miles on it and sustained no body damage at all! This shit is crazy.

That sucks, Sid. Hopefully all work out in your favor.
7500 miles in only a few months? Crazy!

Gap insurance would not do any good in this case. Gap insurance only pays the difference of the car fair market value and the loan. In this case, Sid put a lot of money down, and he has a little bit of equity.

I dont believe that is entirely true i could be wrong, Gap insurance if for people who trade into negative equity on there cars and lets say they owe 7000 more than the car is worth the "Gap" insurance covers that. BUt i could be wrong

I dont believe that is entirely true i could be wrong, Gap insurance if for people who trade into negative equity on there cars and lets say they owe 7000 more than the car is worth the "Gap" insurance covers that. BUt i could be wrong

Damn son, that is insanely shitty!!!! Sorry to hear about everything. So do they know that the block is damaged (scored cylinders) or do they just not want to take chances with it?

Sounds like you shouldn't let them total it...you can always take the check for the car if they want to total it and get it repaired yourself, though that could end up costing you even more. Gap insurance won't cover you in this case, since you have equity in the car (not owed to anyone).

If the road was in proper care, would you have slid? Can the town be held partially liable for improper road maintainence? Go to the police department and get a list of all the accidents that have occurred at that corner/road in the last few years. If there have been several accidents, then you have got yourself a case. Go get a lawyer or tell the insurance company.

Sid, very sorry to hear this. I think you are right in this case: Don't total the car. I would get dealer and insurance company to negotiate more.

Best of luck to you.

-Alex

Sid, you are a paying customer of the insurance company's, they should listen to your request to repair the car. There is definitely wiggle room on both sides so as to not have your car totaled. The mere fact that they are "considering" totaling the car is a good sign. Hopefully you come out with a repaired car, not some other b.s. I am curious as to why you need a new engine. As was mentioned above, did the engine sustain internal damage as a result of the accident or did a piece of the block break off? Is a short block available from BMW for the S65 or only in complete long block form?
Keep us posted and Good luck

Gap insurance would not do any good in this case. Gap insurance only pays the difference of the car fair market value and the loan. In this case, Sid put a lot of money down, and he has a little bit of equity.

Hey Sid, was cool meeting you yesterday. That's some crazy bad luck! I wonder if the engine damage was just from it running briefly without oil or from the impact. G'luck on the money side of this.

I think that is EXACTLY what they are saying the engine damage is from. The dealer said that when they drained my engine they only got a cup and a half of oil out of the whole engine and that oil had metal shavings all in it.